Kona Gold Beverage Inc (OTCMKTS:KGKG) Stock Soars As Gold Leaf Distribution Partners with Convenience Store Chain
The beverage sector has gained considerable attention from investors in recent times and one of the companies that investors could consider looking into is Kona Gold Beverage Inc (OTCMKTS:KGKG). The company in involved in the development of functional and wellness beverages.
Trading Data
On Tuesday, KGKG stock jumped 31.25% to $0.0063 with more than 22.35 million shares, compared to volume of 12.71 million shares. The stock moved within a range of $0.0050 – 0.0069 after opening trade at $0.0055.
Kona Gold Beverage, Inc’s Gold Leaf Distribution Partners with Convenience Store Chain to Distribute Beverages to all North and South Carolina Locations
The company came into the news cycle yesterday after it announced that it had gone into a partnership with a national chain of convenience stores for delivering its products in the Carolina area. To that end, it should be noted that the company’s fully owned subsidiary unit Gold Leaf Distribution, will be responsible for distributing the range of non-alcoholic beverages in more than 100 convenience stores in South Carolina and North Carolina.
Some of the brands that are going to be distributed as per the provisions of the agreement are Positive Beverage, Defiance Water, New England Coffee, Waiakea Water and Warheads Soda. In this context, it should be noted that since its establishment back in 2019 Gold Leaf Production had managed to generate substantial growth. At the end of 2019, the subsidiary had managed to generate around $83000 in sales and in 2022, the sales stood at $3.6 million, which reflected growth of a staggering 4000% since 2019.
Key Quote
“I am excited to announce that Gold Leaf Distribution has partnered with a national convenience store chain to distribute some amazing products to over 100 stores in North and South Carolina,” stated Robert Clark, CEO of Kona Gold Beverage, Inc. “Our Gold Leaf team, led by Vice President of Operations, Chris Selinger, has been executing year after year and we continue to experience phenomenal growth within the Company. This partnership will be a substantial increase to our bottom-line revenue. Gold Leaf recently made some strategic changes that we strongly feel will bring the Company to profitability in early 2023.”
